[ET Net News Agency, 28 January 2021] BOCI Research lifted its target price for China
Pacific Insurance (CPIC) (02601) to HK$38.1 from HK$29.8 and maintained its "hold" rating.
The research house said CPIC started the 2021 jumpstart campaign earlier than in
previous years. BOCI expects a strong rebound of CPIC's new business value (NBV) growth in
FY2021. Meanwhile, it expects CPIC to see less downside pressure on its combined ratio
(COR) in FY2021, as its auto insurance premium growth in 4Q 2020 was less impacted by the
new comprehensive auto insurance reform than listed peers.
BOCI expects CPIC to deliver NBV growth of -30%/11%/15% in FY2020-22. (KL)